"You're getting people who traditionally would never rent a house who are saying: 'Yeah let's have a look, let's rent a house'," he remarked.

According to Mr Brown, the difficulties of the housing market mean consumers recognise that there is "no immediate rush" to purchase property, as prices continue to fall.

And as those who are selling realise the benefits of renting, he observed that the sector is "doing very well".

Those hoping to live in London may prefer to rent rather than buy in order to avoid negative equity, with recent Land Registry figures showing that values are nearly 13 per cent below the level they were at one year ago.

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